SABMiller

Anheuser-Busch InBev, the world's biggest brewing company and the owner of Budweiser, announced Wednesday it wants to buy SABMiller, the second-largest brewer — and the maker of long-time rival brand Miller Genuine Draft.

The deal would create a multinational behemoth valued at around $275 billion with annual sales of $73.3 billion, more than three times its closest rival, Heineken.

Anheuser-Busch InBev jumped 7 percent after the company made a takeover approach to SABMiller, the owner of Miller and Peroni. Other beer makers also rose.

Hewlett-Packard rose 3 percent after announcing 30,000 job cuts, while FedEx sank 3 percent after posting results that fell short of analysts' forecasts.

The Dow Jones industrial average was up 42 points, or 0.3 percent, to 16,642 as of 9:35 a.m. Eastern time Wednesday.